Trade talks with US were extensive, promoted mutual understanding: China

US destroyer sails in disputed South China Sea amid trade talks

Exports of Chinese goods to Russian Federation increased 12 percent and amounted to $43.45 billion, while Russia's sales to China surged 44.3 percent to $53.78 billion.

Asian markets were mostly lower Thursday as US and Chinese officials wrapped up three days of talks in Beijing without significant breakthroughs.

Both Trump and Chinese Vice President Wang Qishan were slated to appear later this month at the World Economic Forum in Davos, Switzerland, providing an opportunity for high-level dialogue.

"These issues are much more hard to solve immediately but are, frankly, much more compelling to US companies", said Jake Parker, vice president for China operations of the US-China Business Council, which represents American companies that do business with China.

The boost was led by Amazon (+3.4pc), making it Wall Street's most valuable company at $US787 billion, eclipsing the market value of Microsoft ($US785b) and Apple ($US702b).

One of the biggest challenges to any deal would be to ensure that China enforces whatever is agreed to stop technology transfers, intellectual property theft and hacking of USA computer networks.

The USS McCampbell carried out a "freedom of navigation" operation, sailing within 12 nautical miles of the Paracel Island chain, "to challenge excessive maritime claims", Pacific Fleet spokeswoman Rachel McMarr said in an emailed statement. "Uncertainty is bad for business". Trump has complained repeatedly about the USA trade deficit with China, which previous year likely exceeded the 2017 gap of $336 billion.

Beijing on Friday cut bank reserve requirements amid slowing growth at home and pressure from the USA tariffs.

The talks were initially scheduled to end on Tuesday, but extended past their deadline.

US President Donald Trump also said trade talks were going "very well", and he was confident that both sides will come to an agreement.

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That would not only squeeze corporate profitability at home, but also put pressure on global price gains, as export prices usually follow those at factory gate.

"I don't think the USA will easily remove tariffs that have been imposed on Chinese goods". "We hope your company can become an in-depth participant in China's opening and a promoter of the stability of Chinese-U.S. relations". China retaliated with tariffs of its own.

China and the United States have in the past repeatedly traded barbs over what Washington says is Beijing's militarization of the South China Sea by building military installations on artificial islands and reefs.

U.S. companies also want action on Chinese policies they complain improperly favor local companies.

Trump and Xi have given their officials until March 1 to reach an accord on "structural changes" to China's economy on issues such as the forced transfer of American technology, intellectual-property rights, and non-tariff barriers.

China's trade data for the full year of 2018 is due to be released on January 14, and economists see year-on-year export growth slowing in December from November.

In a brief statement earlier, the ministry said the talks were extensive, and helped establish a foundation for the resolution of each others' concerns, but gave no details. US crude, which has jumped 15 percent in 2019, dropped 63 cents to $51.73 per barrel in electronic trading on the New York Mercantile Exchange.

In November, Chief Executive of the Russian Export Center Andrey Slepnev said that the projected figure of $100 billion worth of mutual Russia-China trade could double in the years ahead.

Even so, progress in talks signals that an interim deal that suspends new tariff hikes is possible, according to Louis Kuijs, head of Asia economics at Oxford Economics in Hong Kong. The US services trade surplus with China was United States dollars 40.2 billion in 2017.

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